Bell Curve

In today's episode, the fellas discuss Uniswaps v4 announcement, whether demand will stay on mainnet vs L2s, our bullish market outlook, why everyone's watching Curve's 3Pool and the (potential) decimation of private equity markets. 

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Timestamps:

(00:00) Uniswap v4: The Design and Speculation

(09:39) Demand for Mainnet for L2 Blockspace

(19:07) Market Sentiment: 2019 vs 2023

(31:01) The Prometheum Charade

(47:56) Curve 3Pool USDT FUD

(54:09) The Nasdaq Decoupling & Decimation of Private Equity

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Follow Michael: https://twitter.com/im_manderson

Follow Mike: https://twitter.com/MikeIppolito_

Follow Jason: https://twitter.com/JasonYanowitz

Follow Vance: https://twitter.com/pythianism

Follow Myles: https://twitter.com/MylesOneil

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Resources

Matt Walsh Prometheum Twitter thread

https://twitter.com/MattWalshInBos/status/1669061636953366528

Danielle DiMartino on Forward Guidance

https://spoti.fi/3qOxaZH

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas debate the SEC's attack on crypto, what's in store for Uniswap v4, if a protocol could vampire attack Lido, the US crypto exodus and more!

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Timestamps:

(00:00) Introduction

(02:28) SEC Sues Binance and Coinbase

(14:08) Uniswap v4, Compound vs Aave & LSTs

(23:09) L2 Momentum & Vampire Attacking Lido

(31:18) The Exodus to Asia

(38:38) Battling Apathy and Industry Sentiment

(42:54) Chainlink Swift Partnership

(48:13) Does DeFi Need Oracles?

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Follow Michael: https://twitter.com/im_manderson

Follow Mike: https://twitter.com/MikeIppolito_

Follow Jason: https://twitter.com/JasonYanowitz

Follow Vance: https://twitter.com/pythianism

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Resources:

DeFi Is Broken (Dan Elitzer)

https://twitter.com/delitzer/status/1661755779240841222

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas debate if Uniswap should turn on the fee switch (this gets spicy), why the Lido FUD is overblown, the complexities of Rune's Endgame, crypto's risk-free rate and more! 

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Timestamps:

(00:00) Introduction

(01:15) Uniswap Fee Switch Debate

(17:36) Lido FUD, stETH vs ETH & Network Effects

(40:48) Rune’s Endgame Review

(54:32) Does Crypto Have a Risk-Free Rate?

(57:01) Jon Charb and CCTP

(1:00:52) Work From Home vs In Office

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Follow Michael: https://twitter.com/im_manderson

Follow Mike: https://twitter.com/MikeIppolito_

Follow Jason: https://twitter.com/JasonYanowitz

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

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Resources:

Jon Charb's article on rollups

https://dba.mirror.xyz/LYUb_Y2huJhNUw_z8ltqui2d6KY8Fc3t_cnSE9rDL_o

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Bonus Episode

In today's Bell Curve, we are joined by Stephane Gosselin, the founder of Flashbots and Frontier Research. We discuss why we need to reframe MEV, MEV burn, app-specific order flow auctions, user intents and EIP-4337, why centralized sequencers are fine, enshrined PBS and more! Stephane is a legend - you don't want to miss his unique insights. 

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Timestamps:

(00:00) Introduction

(01:58) Reframing MEV: From Allocation to Wealth Creation 

(09:36) MEV Burn

(12:37) The Evolution of DEX Architecture and MEV

(22:44) Order Flow Auctions

(27:30) The Case for Centralized Sequencers

(38:56) Share Sequencers and Cross-Domain MEV

(43:37) User Intents and Limitations of EIP-4337

(49:21) Block Building's Race to the Bottom

(54:45) Optimistic Relays and Enshrined PBS

(1:07:05) Frontier Research

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Follow Stephane: https://twitter.com/thegostep

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

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Subscribe on Spotify: https://spoti.fi/3cpKZXH

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Resources:

Frontier Research

https://frontier.tech/

MEV Utopia vs Dystopia by Stephane

https://flashbots.mirror.xyz/bqCakwfQZkMsq63b50vib-nibo5eKai0QuK7m-Dsxpo

Don’t Overload Ethereum’s Consensus by Vitalik

https://vitalik.ca/general/2023/05/21/dont_overload.html

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss Vitalik's new article and if L2s/restaking will lead to Ethereum's "too big to fail" moment. We also explore the similarities of AI and crypto, Paradigm's pivot, why large funding rounds kill optionality, if the fork rule is determined by apps vs the L1 and if a protocol should ever be ossified!

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Timestamps:

(00:00) Introduction

(01:08) AI Takeover: Nvidia, Regulation and Paradigm’s Pivot

(18:12) Large Funding Rounds Remove Optionality

(31:05) Don’t Overload Ethereum’s Consensus

(41:57) EigenLayer’s Mechanics and Risks

(56:22) Apps vs L1s: Who Chooses the Canonical Chain?

(58:51) Protocol Ossification

(1:08:20) Companies That Issue Tokens and Equity

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Follow Michael: https://twitter.com/im_manderson

Follow Mike: https://twitter.com/MikeIppolito_

Follow Myles: https://twitter.com/MylesOneil

Follow Bell Curve: https://twitter.com/thebellcurvepod

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

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Resources:

Vitalik's new article on restaking

https://vitalik.ca/general/2023/05/21/dont_overload.html

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 8

In this episode, Mike and Hasu give a masterclass on MEV. They discuss their biggest takeaways from this season, what questions remain unanswered and where MEV markets will go next. You don't want to miss this epic recap of our journey through the dark forest.

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Timestamps:

(00:00) Introduction

(01:32) The Latency Death Blow and Optimistic Relays

(09:37) MEV Burn: Hasu’s Changed His Mind

(15:30) Risks of Fast Commitments

(18:50) Shared Sequencer Tradeoffs

(26:47) Overlap Between Cosmos AppChains and Rollups

(34:31) “Rook Ad”

(36:22) Why Privacy is Necessary

(42:10) Exclusive Order Flow: Wallets vs Apps

(59:2 0) User Intents Explained

(1:04:19) Asymmetric Information and Suave

(1:14:24) The Future of MEV

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Follow Hasu: https://twitter.com/hasufl

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

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This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it.

If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook.

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Resources:

The DAO run lemonade stand

https://twitter.com/josephdelong/status/1540311662888161280

Jill Gunter

https://twitter.com/jillrgunter

I Pledge Allegiance

https://spoti.fi/45udZ7p

Vitalik's new article

https://vitalik.ca/general/2023/05/21/dont_overload.html

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss if protocols should distribute revenue to token holders. This debate was sparked by a Lido proposal for a token revenue share mechanism that now has all of Crypto Twitter debating the merits of revenue distribution, buyback and burn vs dividends, protocol treasuries and more. Tokenomics is a theme you can no longer ignore.

We also discuss roadblocks at Stacks (a Bitcoin scaling solution), the viability of Bitcoin's blockspace for arbitrary use cases and Tether's new BTC buying program.

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This episode is brought to you by Valora. Valora is the easiest way to send, swap, collect, and grow your crypto on the Celo blockchain. Download the app and start exploring dapps like

JumpTask today at valoraapp.com/empire. Sign up and use the code ‘HelloValora’ to get a 20% bonus after completing your first task in JumpTask! 

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Resources

Lido revenue share proposal

https://research.lido.fi/t/proposal-introducing-ldo-staking/4636

Hasu's Lido response

https://research.lido.fi/t/proposal-introducing-ldo-staking/4636/25?u=hasu

Alex's SNX thread

https://twitter.com/thiccythot_/status/1659278056035348485

0xResearch hosted by Dan and Sam

https://spoti.fi/3NlP1hA

https://apple.co/3SNhUEt

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Follow Dan: https://twitter.com/smyyguy

Follow Sam: https://twitter.com/swmartin19

Follow Mike: https://twitter.com/MikeIppolito_

Follow Myles: https://twitter.com/MylesOneil

Follow Bell Curve: https://twitter.com/thebellcurvepod

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 8:

In this episode of Bell Curve, we are joined by Quintus Kilbourn and Barnabé Monnot to discuss order flow auctions, proposer-builder separation (PBS) and the future of MEV. We start with a deep discussion on order flow auctions, application vs protocol layer designs and the implementation tradeoffs. Quintus and Barnabé then explain the risks of vertical integration and how we can build systems to mitigate these supply chain centralization points. We end with a discussion on enshrined PBS, off-chain infrastructure and the future of MEV.

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Timestamps:

(00:00) Intro: Pre-Interview

(04:11) MEV 2.0

(31:37) "Rook Ad"

(33:29) MEV 2.0

(1:07:08) Recap: Post-Interview

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Follow Quintus: https://twitter.com/0xQuintus

Follow Barnabé: https://twitter.com/barnabemonnot

Follow Hasu: https://twitter.com/hasufl

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

- -

This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it.

If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook.

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Resources:

Barnabé's article on protocol credibility

https://barnabe.substack.com/p/seeing-like-a-protocol

Vitalik's article on the End Game

https://vitalik.ca/general/2021/12/06/endgame.html

PEPC

https://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879

Eric Budish's article on batch auctions

https://academic.oup.com/qje/article/130/4/1547/1916146

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss frameworks for valuing crypto projects. The fellas debate token buybacks vs dividends, fundamentals vs flows, protocol revenue vs supply-side revenue and how these factors impact investor valuation frameworks. We also explore activist crypto investing, jaredfromsubway's MEV strategy and more!

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Timestamps:

(00:00) Introduction

(01:59) Activist Investing: Aragon DAO 

(13:34) Will TradFi Have a Luna Moment?

(20:05) How to Value Tokens

(33:06) Uniswap's Fee Switch & the Changing Liquidity Landscape

(44:42) How Jared fromsubway.eth Eats Everyone’s MEV Lunch

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Follow Michael: https://twitter.com/im_manderson

Follow Mike: https://twitter.com/MikeIppolito_

Follow Jason: https://twitter.com/JasonYanowitz

Follow Vance: https://twitter.com/pythianism

Follow Bell Curve: https://twitter.com/thebellcurvepod

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

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Resources:

Blockworks Podcast Producer application

https://jobs.ashbyhq.com/Blockworks/236ee9e8-f4ea-47ac-9eb6-f95a44d6c93b

Arbitrum proposal

https://forum.arbitrum.foundation/t/distribution-of-dao-revenue-to-arb-token-holders/14412

Uniswap proposal

https://gov.uniswap.org/t/making-protocol-fees-operational/21198

Robert Miller MEV thread

https://twitter.com/bertcmiller/status/1656392876438462464

Relay Scan

https://www.relayscan.io/

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

SPECIAL EPISODE: This is an episode of Blockworks' new podcast called 1000x! 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that is for traders by traders (or anyone interested in trading/markets).

In this episode, Avi and Jonah discuss Bitcoin's outlook and recent meme coin mania. We start with a discussion on Bitcoin and if bank failures are priced in, what it will take for BTC to break past the 30K range and if institutions are buying. Avi and Jonah then debate if we'll ever see 2021s perfect storm again. Meme coins are pumping, blockspace demand is saturated, and market sentiment is shifting. Is this a market turning point or just a short-term phenomenon? Tune in to find out!

We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow!

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Timestamps:

(00:00) Introduction

(00:32) Are Bank Failures Priced In?

(07:31) The Impact of a Potential US Default

(12:51) Repeating 2021’s Perfect Storm

(18:03) Meme Mania: Why You Should Pay Attention

(31:30) Deflationary ETH and Blockspace Fee Generation

(36:34) BTC Miner Revenue and BRC-20s

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Follow Avi: https://twitter.com/AviFelman

Follow Jonah: https://twitter.com/jvb_xyz

Follow 1000x: https://twitter.com/1000xPod

Subscribe on YouTube: https://bit.ly/3FuSarX

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Resources:

Golden Tree

https://www.goldentree.com/

Cumberland

https://cumberland.io/

BRC-20.io

https://brc-20.io/

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Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.